On October 5, 2016, the United States Supreme Court began hearing argument in Salman v. United States, one of the most closely watched insider
The failure to allege economic loss and loss causationessential elements of a securities fraud claimshould be fatal to a Rule 10b-5 complaint.
Earlier this week, a federal district court judge in Manhattan rejected a proposed $285 million settlement between the US Securities Exchange Commission and Citigroup in a mortgage-backed securities matter.
On June 20, 2011, following seven years of litigation, Infineon Technologies AG reached a $6.2 million settlement with investors in a securities fraud class action based on the company’s admission that it participated in an illegal price-fixing conspiracy.
On March 22, 2011, the United States Supreme Court decided the much-anticipated case Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156.
In early January 2011, Judge Paul A. Crotty of the District Court for the Southern District of New York dismissed with prejudice a federal securities class action against Barclays, several of Barclays’ senior officers and a dozen other investment banks.
Judge Leonard Sand of the District Court of the Southern District of New York recently dismissed securities and common law fraud claims asserted by investors against a "fund of funds" that invested with Bernard L. Madoff Securities LLC (BMIS) for failure to adequately allege scienter.
In early December 2010, Judge Preska of the Southern District Court of New York dismissed federal claims against Merrill Lynch and other related parties based on the plaintiffs' failure to adequately plead that alleged misstatements and manipulative conduct proximately caused plaintiffs' losses.
Following a four-week trial and three days of deliberations, a nine-member jury concluded that Florida-based BankAtlantic Bancorp and two of its executives intentionally misled investors about the bank's troubled real estate loan portfolio during 2007's economic downturn.
In late September 2010, the US District Court for the Southern District of New York granted motions to dismiss in two subprime lawsuits alleging federal securities fraud due to the plaintiffs' failure to sufficiently establish the defendants' culpable knowledge or intent (scienter).